How to transfer money to buy property in Spain (UK guide)

Buying a property in Spain? Perhaps it’s a holiday home by the beach in the Costa del Sol, a modern apartment in buzzing Barcelona or a countryside bolthole in northern Spain.

Whether you’re buying a property to live in, holiday in or rent out, you’ll need to know the cheapest and safest way to transfer money to Spain from the UK.

In this guide, we’ll run through your options for transferring money to buy property in Spain, including the pros and cons of each. We’ll look at the steps involved in setting up your transfer, and key things to consider when choosing a money transfer provider.

We’ll also introduce a reliable and cost-effective way to send large sums internationally from the money services provider Wise. Over 14.8 million people worldwide use Wise to move £36 billion every quarter.

With low, transparent fees, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Get expert support for your large transfer 📞

Transferring money to buy property in Spain - what are your options?

Your two main options for sending a large sum to Spain are:

• Your bank
• A specialist online money transfer provider.

Let’s take a look at some of the main pros and cons of each:

Banks

A bank is a safe, secure and familiar option for sending money abroad. It offers strong security - which can give you peace of mind when sending large sums.

With many UK banks (although not all), you can get in-person assistance in setting up your transfer in a branch.

However, banks aren’t always known for their speed or affordability when it comes to international transfers. Fees can be high, and they aren’t always easy to understand - especially when third-party costs are added on.

There’s also the exchange rate to think about for the conversion from GBP to EUR, as a margin added to the mid-market exchange rate (the one close to what you can see on Google) can make a large transfer much more expensive.

You can also expect your transfer to take a few days, as it’ll be sent through the SWIFT network.

Online money transfer providers

Specialist online money transfer providers like Wise, Western Union, MoneyGram, WorldRemit and Remitly are a popular choice for people needing to send money abroad.

They offer speed and convenience, with user-friendly online platforms, transparent fees (depending on the provider) and fast transfer times, and the option to track your payment as it makes its way across the world.

But if you need help setting up your payment, you may not be able to get the same in-person service as you would walking into a local bank branch. Support is often only available through email, live chat, and phone.

Fees for online money transfers vary, but tend to beat banks in many cases. You’ll mostly see the exchange rate for GBP to EUR upfront, and while it may include a margin - this is typically less than banks. And if you choose a provider like Wise, there’s no margin on the mid-market exchange rate to worry about.

One potential drawback is that unlike banks, not all money transfer providers are set up to handle large transfers.

How to transfer money to buy property in Spain - step-by-step

Now, how do you actually go about sending money to buy your property in Spain?

The first thing to bear in mind is the importance of avoiding scams.

Unfortunately, overseas property sales are often targeted by fraudsters, and it’s one of the main pitfalls of buying a property in Spain.

So, it’s important to take common-sense steps to protect yourself. This includes working with local experts in both Spain and the UK, verifying the recipient’s identity and bank details, and never sending money until you’re absolutely sure everything is legit.

If you’ve checked and double-checked everything, here’s how to send your transfer:

1. Confirm the amount needed for the property purchase
2. Choose a bank or money transfer provider - making sure to compare fees, exchange rates, limits and transfer speeds
3. Set up and secure your account with ID verification, or visit in-branch - this is usually required for large transfers
4. Add the recipient’s details
5. Check the exchange rate, fees and overall cost
6. Fund the transfer - depending on the provider, this may be bank transfer or debit/credit card
7. Check the details carefully
8. Submit the payment
9. Track the transfer until the funds reach the recipient.
10. Get confirmation of receipt from your solicitor, estate agent or the seller.

What details will I need to send money to Spain?

To send money to a seller, estate agent or solicitor in Spain, you’ll need the following details:

• The recipient’s name - making sure the name matches the name on the recipient’s bank statement exactly
• Their name of their bank in Spain
• Their account number
• Their SWIFT/BIC code - an International Bank Account Number (IBAN) isn’t needed for transfers to Spain
• The reason for the transfer.

Do I need extra documents for large transfers?

Both banks and some money transfer providers may have extra compliance checks to carry out when processing large international transfers. This might mean you’re asked for extra documents so that the provider can meet anti-money laundering requirements.

The main thing you’ll be asked for is proof of where the money for your Spanish property purchase came from. You might be asked for:

• A sales agreement or solicitors letter
• Bank statements.

Save on currency conversion fees with Wise when buying property abroad

Need a secure, convenient and low-cost way to send large sums of money abroad? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to 140+ countries for low, transparent fees and the mid-market exchange rates with no markup.

✅ Sign up with Wise for free

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